UK Mulls Ban on Cryptocurrency Donations Ahead of Elections Bill as Reform UK Embraces Crypto Funding Led by Nigel Farage

Market observers say the UK government is weighing a potential ban on cryptocurrency donations to political campaigns to shield the electoral system from foreign influence. Politico reports that, while the Elections Bill policy document did not initially include a crypto ban, officials are actively discussing whether to prohibit digital assets as a funding source for UK politics. The outcome remains uncertain, with careful consideration given to regulatory risk and enforcement.

Reform UK, led by Nigel Farage, has become the first UK party to accept cryptocurrency donations, signaling a shift in political fundraising. The party’s crypto revolution pledge, coupled with a recent surge in polls, has translated into tangible crypto donations, highlighting the growing role of digital assets in party financing.

Farage has publicly engaged with crypto assets and described himself as a vocal advocate for the sector, aiming to mirror international counterparts in embracing digital currencies. As policy debate intensifies, the balance between encouraging innovation and tightening oversight will shape the trajectory of political funding via cryptocurrency in the UK.